Inkwood Research predicts the Global Modular Construction Market to surge with a 6.68% CAGR by 2032, and is predicted to generate a revenue of $137.42 billion during the forecast period, 2023-2032.
“Browse 43 market data Tables and 46 Figures spread over 230 Pages, along with an in-depth TOC on the Global Modular Construction Market Forecast 2023-2032.”
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Modular construction, involving the off-site fabrication of entire building units, reduces on-site construction time and enhances versatility. Its efficiency is boosted by digital tools facilitating design and logistics. Modular construction addresses space scarcity and reduces material costs, and is increasingly popular, especially in the hotel and residential sectors. The trend is growing in Asia-Pacific due to housing shortages and labor costs, despite the challenges of low site productivity. Enhanced performance investment by key regional players suggests continued growth in modular construction.
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Labor Shortage Globally Expected to Drive the Market Growth
Labor shortages can significantly impact the high-demand construction industry. Solutions include formulating favorable policies for migrant laborers and incorporating automation. Lack of skilled labor prolongs project schedules, impairing consumer experience.
Concrete set to Lead the Material Segment
Modular concrete construction uses precast components assembled on-site, and its usage extends to various structures due to its resilience and high early strength. Concrete is increasingly used in modular construction, especially in high-rise buildings. Recent advancements have seen the introduction of 3D concrete printing technology, creating 3D modular structures with robots and CNC equipment, accelerating the construction process and prompting investment from modular construction firms.
Asia-Pacific – Dominating Region
The modular construction market in Asia-Pacific is flourishing thanks to a surge in competition and R&D investment. Countries like Japan, China, and Australia are seeing a rise in high-end prefab options for residential and commercial structures.
However, the market is fragmented, with no single firm dominating. The demand for affordable, sustainable solutions intensifies competition, but regional operation limits rivalry among firms. Thus, a moderate competitive rivalry is anticipated in the foreseeable future.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.